Amsterdam, 29 August 2017 - HEINEKEN N.V. ('HEINEKEN') (EURONEXT: HEIA; OTCQX: HEINY) announces today that, through HEINEKEN UK, it has completed the acquisition of Punch Securitisation A, comprising approximately 1,900 pubs across the UK, as part of a back-to-back deal with Vine Acquisitions, a company formed at the direction of Patron Capital.
HEINEKEN considers pubs an integral part of British culture, and believes that high-quality, well invested pubs run by skilled and motivated operators will continue to prosper and can thrive in their role at the heart of communities.
HEINEKEN UK will fully integrate the pubs into its existing Star Pubs & Bars estate, creating the country's third largest pub business in what remains a highly fragmented pub market. HEINEKEN UK plans to work closely with the incoming licensees, to help them to realise the increased potential from the pubs that they operate.
Commenting on the successful completion of the transaction, Stefan Orlowski, Regional President Europe for HEINEKEN N.V. said:
"Investing to grow our UK pub portfolio through this acquisition will enable us to unlock further value in the UK pub market. The performance of our Star Pubs & Bars business clearly shows that well invested pubs, in the hands of skilled and ambitious independent operators can outperform and we will seek to replicate that success with these new pubs in partnership with their licensees."
David Forde, UK Managing Director, HEINEKEN added:
"This is good news for pub-goers across the UK who will see the benefit of well-invested pubs in their communities. We welcome the new licensees to Star Pubs and Bars, and look forward to working with them to grow their businesses and create successful pubs in the heart of communities across the UK."
The pubs acquired by HEINEKEN UK will be operated for six months by Punch under a transitional services agreement, after which they will be integrated into the existing Star Pubs & Bars pub business. The transitional services agreement has no impact on Star's existing licensees, who will continue to trade on a 'business as usual' basis.
ENDS
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Note to editors:
Further information is available in an announcement made under Rule 2.7 of the UK Takeover Code which is available at:
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/other/13068712.html
Information relating to HEINEKEN UK and the HEINEKEN Group
HEINEKEN UK
HEINEKEN UK is one of the UK's leading cider and beer producers and the company behind brands such as Strongbow, Bulmers, Heineken®, Foster's, John Smith's and Desperados. HEINEKEN UK is the HEINEKEN Group's main operating entity in the UK and employs around 2,000 people across seven sites in the UK with offices, breweries and cider production facilities in Edinburgh, Tadcaster, Manchester, London, Hereford and Ledbury. HEINEKEN UK operates the Star Pubs & Bars business with a UK-wide estate of 1,049 pubs which has delivered an attractive profit margin and cash return to HEINEKEN UK and to which the approximately 1,900 pubs in the Punch A pub portfolio will now be added.
HEINEKEN UK is a wholly owned indirect subsidiary of HEINEKEN N.V.
HEINEKEN Group
HEINEKEN is the world's most international brewer. It is the leading developer and marketer of premium beer and cider brands. Led by the Heineken® brand, the Group has a powerful portfolio of more than 250 international, regional, local and speciality beers and ciders. We are committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through "Brewing a Better World", sustainability is embedded in the business and delivers value
for all stakeholders. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. We employ over 80,000 employees and operate breweries, malteries, cider plants and other production facilities in more than 70 countries. Heineken N.V. and Heineken Holding N.V. shares trade on the Euronext in Amsterdam. Prices for the ordinary shares may be accessed on Bloomberg under the symbols HEIA NA and HEIO NA and on Reuters under HEIN.AS and HEIO.AS. HEINEKEN has two sponsored level 1 American Depositary Receipt (ADR) programmes: Heineken N.V. (OTCQX: HEINY) and Heineken Holding N.V. (OTCQX: HKHHY). Most recent information is available on HEINEKEN's website: www.theHEINEKENcompany.com and follow us on Twitter via @HEINEKENCorp.
Information relating to Patron Capital and Vine Acquisitions
Vine Acquisitions Limited is a newly incorporated company formed at the direction of Patron Capital. Established in 1999, Patron Capital represents approximately €3.4bn of capital across several funds and related co-investments, investing in property, corporate operating entities, credit-related businesses and debt-related instruments whose value is primarily supported by property assets. The investors in the Patron funds represent a variety of prominent universities, major institutions, private foundations and high net worth individuals located throughout North America, Europe, the Middle East and Asia. Since inception, the Patron funds have made more than 69 investments in 17 countries and together with its partners have owned and controlled over €10bn in gross assets. Patron is based in London with associated offices in Barcelona, Milan and Luxembourg and a team of over 75 people, with over 42 investment professionals.
Patron aims to combine an institutional approach to fund management and reporting, while continuing to embrace an entrepreneurial culture. Patron favours the backing of management teams and co-investing with its pan-European network of local partners who are familiar with the local market through joint venture structures. Many of Patron's private equity investments have backed existing management teams and achieved significant growth of the investee businesses and their employee bases.
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